There is a fundamental flaw behind this year's surge in uranium prices—supply really can't keep up.

The latest data from the U.S. Energy Information Administration is in front of us: U.S. uranium production in the third quarter directly declined by 44%. This drop is quite significant. What's more interesting is that all U.S. uranium products are supported by just six factories, with one in Texas accounting for 63% of the total output. In other words, the entire U.S. capacity is heavily dependent on a single region. If something goes wrong, the market will panic.

Currently, the supply side of uranium is already in a structurally tight situation. Limited capacity, regional concentration, and ongoing demand—this combination has directly driven up prices. The next step depends on whether these few factories can increase their output.